What Is a Business Plan and Why Do I Need One?
February 15, 2008 by Michelle Waters
Welcome to Episode #22!
Now that you have done some market research and have found a product to sell that you’re passionate about, it’s time to write the often dreaded business plan.
Think of your business plan in terms of the road map you would take with you on vacation. The map shows you the way to go to your destination, much like a business plan will lead you to business success.
Your business plan does not have to be long and complicated for it to serve its purpose. I highly recommend the book The One Page Business Plan for this exact reason. If you take an afternoon and answer five questions about your business, you will have a cohesive business plan with which you can begin your trip to success.
If you plan to get financing for your business, then your business plan will be more detailed but that should not scare you. You can still start your plan by answering the same basic questions and then add the financial aspects. This is the same starting point for everyone who owns a business and if you already have a business but no plan, NOW is the time to write one!
Also keep in mind that this business plan is not set in stone. What you write today may change by next month or next year. It is merely a plan of what your business is, how your business should run, how you will measure your success and/or growth, how you will make sales, and what steps are needed to make all of this happen.
Michelle I know this is a little late, However I just listened to this episode and you helped me realize that I need to do a better business plan I just recently got a new site and I used the One page business plan for it so I have a direction as to where I am going with it so I can continue to make it as great as it was. Thank you for sharing your knowledge on this.